Grupo Financiero Galicia S.A. disclosed that its main subsidiary Banco de Galicia y Buenos Aires S.A. was notified of a class action lawsuit alleging lack of information on non-USD exchange rates for credit card transactions, with no estimated significant impact on shareholders' equity if unfavorable.
Key takeaways
Banco de Galicia y Buenos Aires S.A., successor of Banco GGAL S.A., notified of class action lawsuit by Asociación Civil por los Consumidores y Medio Ambiente (ACYMA).
Lawsuit claims lack of information on exchange rates for foreign currencies other than USD in individual credit card transactions.
Seeks reimbursement of alleged overcharge in currency conversion.
Filed at National Commercial Court No. 27, Autonomous City of Buenos Aires.
Bank is analyzing the demand; estimated no significant impact on shareholders' equity if unfavorable.